FWD Group posts $223m operating profit in H1’24

FWD Group, an Asian insurance company, has announced its financial results for the first half of 2024, reporting an operating profit after tax of US$223 million, which reflects positive contributions from the company’s four geographic business segments: Hong Kong SAR & Macau SAR; Thailand & Cambodia; Japan; and Emerging Markets.

At the same time, FWD Group’s net profit for the period came in at US$3 million, compared to US$6 million from the prior year period.

From what we understand, FWD Group’s Hong Kong SAR & Macau SAR segment delivered a strong performance in H1’24,  reflecting substantial growth from mainland Chinese visitors.

As well as this, FWD Group posted record dividends of over US$600 million year to date received from its geographic business segments.

Moreover, FWD Group’s new business contractual service margin sat at US$573 million for the period, compared to US$737 million from the prior year.

Value of new business sat at US$404 million for H1’24, with an underlying year-on-year growth of 14%.

Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, commented: “We’re pleased to report solid financial results, demonstrating organic growth and operating profitability across FWD Group. Our performance reflects the scale we’re building across our 10 markets in Asia and our focus on sustainable profitability.

Adding: “We’re more determined than ever to give our customers the freedom to celebrate living, both now and in the future. That’s also the driving force behind our new FWD HealthyMe business, which builds upon our existing life insurance, critical illness and medical offerings with comprehensive accident and health insurance,”

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